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Market Report

Los Angeles Multifamily Market

2Q 2024

Positive Absorption Downtown and Demand for Lower
Cost Units Support Moderate Vacancy Shift

Development slows in the CBD. Downtown Los Angeles grabbed the spotlight over the past year ending in March. Here, renters absorbed a net of more than 2,000 units amid a 4.8 percent inventory boost, an indication new rentals were relatively well received. Moving forward, the impact of deliveries on fundamentals will be less intense. As of April, 625 units, or 1 percent of local existing stock, was underway, a total that excludes the long-stalled Oceanwide Plaza. Should demand hold up, the pullback in construction should aid existing properties when filling vacant units and securing lease renewals. This dynamic has the potential to hold the local CBD vacancy rate below that of many other major markets' downtowns.

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